Nur Samarkand Solar PV FE LLCStatus: Approved investment
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Who is our customer
Samarkand Solar (the "Company") is a renewable energy company who will build, own and operate an up to 220 MW solar-power project in Uzbekistan. The company is owned by Masdar which is ultimately owned by Mubadala Investment Company, Taqa and Abu Dhabi National Oil Company. Established in 2006, Masdar is a global leader in renewable energy and sustainable urban development, active in over 25 countries (with credit ratings: Fitch (A+) and Moody’s (A2)).
What is our funding objective?
FMO participates as a B-lender with EBRD in the lead. Long term financing will be used to fund the investments needed for the construction of the solar powered project. Such long-term funding is not available from local banks.
Why do we fund this investment?
The funding contributes to the Company's construction and expansion of their renewable energy assets in the country, accelerating the sustainable energy transition in Uzbekistan.
What is the Environmental and Social categorization rationale?
FMO's E&S category for this transaction is B+, with key risks relating to land acquisition and potential permanent physical and economic displacement of people (although limited). Other risks include birds and bats collision and electrocution during operation and E&S management of EPC and O&M contractors and sub-contractors particularly labour working conditions, health and safety, waste management etc. and contextual human rights risks as well as human rights concerns related to global solar supply chain. The following IFC Performance Standards are triggered: PS 1: Assessment and Management of Environmental and Social Risks and Impacts, PS 2: Labor and working conditions, PS 3: Resource Efficiency and Pollution Prevention, PS 4: Community Health, Safety and Security, PS 5: Land acquisition and involuntary resettlement, and PS 6: Biodiversity conservation and sustainable management of living natural resources. IFC PS 7 (Indigenous Peoples) is not triggered as there are no indigenous people in the project area. IFC PS 8 (Cultural Heritage) is potentially triggered due to presence of cultural heritage sites in the vicinity of the project area. Reference is made to EBRD’s Disclosure and Project Summary Documents, this can be found on EBRD’s website.
- Europe & Central Asia
- Publication date
- Effective date
- Total FMO financing
- USD 6.09 MLN
- FMO NV
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)
- Loan participation